Latest news on the Indian Trail real estate market in May 2021 and what it means for you...
Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge has totally recovered from the effects of the pandemic and is without doubt a home seller's market. Home prices increased by double digits over May 2020, while days on market and inventory dropped significantly year-over-year.
Average home prices increased 14.3% to $352,137 in May 2021 compared with the same month one year ago. Average home prices were also up $30,000 month-over-month and $72,000 over May 2019. Median home prices increased 20.4% to $362,650 year-over-year. On a month-over-month basis median home prices increased $27,000 and $84,000 versus May 2019. Price per square foot averaged $161 (up $23/square foot), increasing 16.7% year-over-year.
The months supply of homes for sale dropped to 0.8 months (down 57.9% from 1.9 months in May 2020 and down from 2.6 months in May 2019).
Inventory of homes also dropped 55.5% compared with the same month one year ago. New listings increased in May -- by 21.8% compared with the same time frame one year ago. Despite the increase in new listings, inventory of homes dropped and remained low.
Closed sales in May increased 53.8%, while pending sales increased 21.3%. Again, the increase in pending sales year-over-year is not surprising given the May 2020 lockdowns which put our real estate activity on hold.
The low inventory coupled with higher home prices and closed and pending sales are a testament to the recovery of the Indian Trail housing market after a dismal performance in the first couple of months of the pandemic.
Average days on market were 19 (down 36 days year-over-year). Median days on market were just 3 (down 12 days year-over-year) in May. This, too, speaks to pent-up buyer demand and a recovered market for the Indian Trail housing market in May 2021.
At a median selling price of 104.4% of list price (up 5.5% from May 2020), Indian Trail home buyers should expect minimal room to negotiate, especially in Indian Trail's hottest selling communities.
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Indian Trail Area Housing Market Highlights
May 2021 versus May 2020
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And did you know that Indian Trail's Porter Ridge Middle School is ranked in the top 20 middle schools in the Charlotte metro area?
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Median Home Sale Price Trends For 28079 Zip Code
Median Home Sale Prices Trends For:
Indian Trail, Stallings, Hemby Bridge
This Charlotte, North Carolina real estate monthly update for the Indian Trail area in the 28079 zip code is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Indian Trail specialists. We've been opening doors for Indian Trail area home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in the Indian Trail area or anywhere in the the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:
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